Asia Pacific is the Fastest Growing Region in the Hospital Supplies Market During 2022–2027
According to our new research study on "Hospital Supplies Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type, and Geography," the market was valued at US$ 101,008.7 million in 2027 from US$ 44,876.0 million in 2020; it is estimated to grow with a CAGR of 11.9% from 2022-2027. The report highlights the trends and drivers prevailing in the hospital supplies market.
Based on the type, the global hospital supplies market is segmented into syringes, patient examination devices, mobility aids and transportation equipment, operating room equipment, sterilization and disinfectant equipment, and disposable hospital supplies. In 2020, the disposable hospital supplies segment accounted for the largest hospital supplies market share. The syringe segment by type is further sub-segmented into generalized and specialized syringes. In addition, the specialized syringes market is also segmented into insulin syringes, allergy syringes, tuberculin syringes, and others. Among the specialized syringes, the insulin syringe holds the largest market share of the market specialized syringes. The segment is also anticipated to be the fastest-growing segment during the forecast period. Insulin syringes are used to inject insulin into diabetic patients. The insulin syringe size is decided on the basis of the desired amount of insulin dosage to be administered to diabetic patients. The major factors driving the growth of the specialized syringes market are the rising geriatric population and the rising prevalence of diabetic patients globally. Safety insulin syringes are widely used in professional healthcare settings, such as hospitals and clinics. However, the trend for insulin syringes is slowly declining as patients are switching to new technologies, such as insulin pens and pumps, for convenience.
Lucrative Regions for Hospital Supplies Market
Hospital Supplies Market Size Report | Growth & Trends 2027
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Hospital Supplies Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Syringes, Patient Examination Devices, Mobility Aids and Transportation Equipment, Operating Room Equipment, Sterilization and Disinfectant Equipment, Disposable Hospital Supplies), and Geography
Impact of the COVID-19 Pandemic on the Hospital Supplies Market
Hospital Supplies Market Size Report | Growth & Trends 2027
Download Free SampleHospital Supplies Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Syringes, Patient Examination Devices, Mobility Aids and Transportation Equipment, Operating Room Equipment, Sterilization and Disinfectant Equipment, Disposable Hospital Supplies), and Geography
The COVID-19 pandemic has adversely impacted the global hospital market and led to a shortage of products, such as surgical masks, hospital gowns, and gloves. The pandemic has led to tremendous shortages of the personal protective equipment, medicines, medical consumables, and other medical devices required in a healthcare facility center. The shortage of hospital supplies has led to US export and European Union controls which took extraordinary policy actions that include efforts to reverse supply of hospital supplies manufactured in China by a US?headquartered multinational. The decisions were hard and were taken as China has increased its import of personal protective equipment by removing supply from the world markets and decreases its exports to the other nations. However, by the end of 2020, China resumed its export to other nations by substantially increasing the price of hospital supplies. This situation resulted in continued shortage of supply of hospital supplies in other countries.
On the other hand, The American Hospital Association estimated a huge financial impact on the healthcare system. For instance, the American Hospital Asscoateion estimated loss of revenue for US$ 202.6 billion for America's hospitals and healthcare systems. Moreover, may healthcare facilities around the world faced a lack of preparedness, which was a major contributor to the struggles for the healthcare facilities and shortage of supply for hospital supplies. The COVID-19 pandemic has led to significant fall in the market; however it created broader growth opportunities by paving the way for domestic production of hospital supplies. Moreover, dosmestic production has helped to recover the losses and helped to rebuild the international treade relations for many countries, enabling growth of the hospital supplies market.
Cardinal Health Inc; Becton Dickson and Company; Baxter International Inc; B. Braun Melsungen AG; Nipro Medical; Smith Medical; 3M Healthcare; GE Healthcare; Terumo Corporation, and Boston Scientific Corporation are among the several players engaged in addressing the demands for hospital supplies market growth.
The report segments the hospital supplies market as follows:
Based on the type, the global hospital supplies market is segmented into syringes, patient examination devices, mobility aids and transportation equipment, operating room equipment, sterilization and disinfectant equipment, and disposable hospital supplies. Based on geography, the hospital supplies market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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